Standard Chartered Saadiq has announced the enhancement of its Enterprise Finance Scheme partnership with Tamkeen to Standard Chartered customers in Bahrain to include Shariah-compliant solutions for trade and working capital needs. Through this recent enhancement, customers will be able to receive up to BD500,000 in financing, import finance and term finance for capital expenditures as well as Letters of Credit, guarantees and other services that serve the growing SME market in Bahrain . As per the Enterprise Finance Scheme, which Tamkeen offers with a number of partner banks in the Kingdom, Tamkeen guarantees 50 per cent of the total financing amount as well as subsidising 50pc of the profit payments due from the benefiting businesses. This particular partnership between Tamkeen and Standard Chartered Saadiq offers Murabaha financing covering working capital, machinery and equipment financing at a subsidised profit rate of 4pc per annum on a reducing balance, with an option of a payment tenor of up to 3 years. Commenting on the announcement, Acting Chief Executive and Chairman of Tamkeen Shaikh Mohammed bin Isa Al Khalifa said, "Tamkeen's Finance Scheme forms a critical component of Tamkeen's overall strategy to provide businesses in Bahrain with accessible financing solutions. The scheme not only allows businesses to venture into new prospects and opportunities, but also provides an environment that encourages innovation and risk-taking." Standard Chartered Bahrain CEO, Hassan Jarrar said: "We believe SMEs are key drivers of growth and job creation to a country and our partnership with Tamkeen stems from that belief." Sandeep Bose , Head of Consurmer Banking at Standard Chartered Bahrain said, "The new enhancement ensures that we continuously improve our product offering to our clients. Our strategic partnership with Tamkeen has proved successful to our customers and to the country." copyright
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